Question
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 (Q4) 3/31/2020 (Q3) 12/31/2019
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions):
| Three Months Ended | |||
|---|---|---|---|
| 6/30/2020 (Q4) | 3/31/2020 (Q3) | 12/31/2019 (Q2) | |
| Balance Sheets: | |||
| Accounts receivable, net | $ 16,561 | $ 19,820 | $ 12,910 |
| Income statements: | |||
| Sales revenue | $ 24,560 | $ 23,340 | $ 22,140 |
Required:
Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days.
Receivable turnover ratio Q4
Receivable turnover ratio Q3
Average collection period Q4
Average collection period Q3
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Financial Accounting Oakton Community College Tools For Business Decision Making
Authors: Paul D. Kimmel ,Jerry J. Weygandt ,Donald E. Kieso
6th Edition
1118113632, 978-1118113639
